Babcock confident of strong progress

FTSE 100 engineering support services company, Babcock said it has traded well in the interim period from October to date and remains confident of meeting expectations for the year.

FTSE 100 engineering support services company, Babcock said it has traded well in the interim period from October to date and remains confident of meeting expectations for the year.

The group added that market conditions remain positive, with bidding activity high across the group, making it confident of delivering strong progress on last year.

The Marine and Technology division performed in line with its expectations as did Defence and Security.

The Support Services division also performed in line with company expectations, with contracts won in the period totalling in excess of £100m.

Its International division did well, despite the extended holiday period in South Africa over December, with good demand for equipment and plant hire.

The order book stands at just over £12bn from around £12.5bn at the time of its half year results in November 2012.

"Babcock remains well positioned to help our customers develop cost efficient support solutions and we believe the current economic climate will continue to create significant medium and long-term growth opportunities, both in the UK and overseas," it said in a statement.

"The scale of our order book continues to provide excellent visibility of future revenue streams across the group. This position is further strengthened by the medium to long-term growth opportunities which continue to flow into tracking and then into the bid pipeline."

CJ

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021